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Bitcoin Rejected at $40K, Altcoins Suffer as BTC Dominance Increasing (Market Watch)

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As most alternative coins are losing value, bitcoin’s dominance keeps increasing to above 45% even after BTC’s dip to just over $38,000.

After trading above $40,000 for a few days, bitcoin has slid beneath that level and even dipped to $38,000. However, its dominance over the market continues to increase as most alternative coins have suffered even more lately.

BTC Slips Below $40K But Dominance Rises

Ever since the early weekend drop to below $35,000, the primary cryptocurrency started to rapidly increase in value, which was fueled by positive news from El Salvador and India.

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Consequently, BTC even spiked to and beyond $40,000. The bulls kept pushing the asset upwards, which resulted in a near one-month high of $41,375, as reported.

However, bitcoin’s endeavor above $40,000 was halted at this point. The bears intercepted the move and drove the cryptocurrency south. In the past 24 hours, the situation worsened slightly, and BTC dropped to just over $38,000.

Nevertheless, bitcoin has recovered around a thousand dollars since then and currently sits above $39,000.

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